In a startling operation, the National Drug Law Enforcement Agency (NDLEA) has arrested a Chinese national and an 80‑year‑old grandmother following the seizure of unusual parcels of colos—a potent ammunition-like commodity—concealed within commercially packaged moi‑moi sachets. The incident, which has triggered fresh concerns over creative smuggling tactics, occurred recently at a major border checkpoint in Nigeria’s south-south region. NDLEA sources explain that the corps uncovered a complex smuggling method involving food packaging. The colos—small, widely misused cannons typically used in celebratory shots or sometimes in illicit circulating weapons—were reportedly wrapped in plastics and sealed into legitimate looking moi‑moi packets. The…
Author: Temitope N.
The European Union has pledged €500,000 in humanitarian assistance to support internally displaced persons (IDPs) in Benue State, marking a significant boost to relief efforts amid escalating displacement and insecurity in the region. The announcement comes amid worsening clashes between herders and farmers in parts of central Nigeria, driven largely by changing land use patterns, resource competition, and sporadic political unrest. Tens of thousands of residents have fled their homes in rural communities, often under extreme hardship. The EU’s funding is aimed at alleviating the most pressing needs in hard-hit areas, including shelter, healthcare, and food security. The €500,000 package…
The Nigerian passport has climbed to the 88th position in the 2025 Henley Passport Index rankings — its most favourable global standing in over a decade. The recent improvement reflects modest but steady gains in visa-free access enjoyed by Nigerian passport holders, offering more international mobility than at any point since 2014. According to the index, Nigerian passport holders now have visa-free or visa-on-arrival access to approximately 70 countries, a milestone attributed partly to enhanced diplomatic relations, strengthened passport security features, and concerted international lobbying. Analysts say this represents a modest expanded value compared to just 55 accessible destinations as…
Shareholders of The Tourist Company of Nigeria (TCN) Plc have given their nod to a new board of directors at the company’s recent Annual General Meeting, while issuing strong calls for immediate and far-reaching reforms to reposition the firm for better performance and profitability. At the meeting, which attracted a cross-section of stakeholders, shareholders ratified the appointment of Mrs. Erejuwa Gbadebo as the new chairperson of the board. Also confirmed were Ms. Anita Athena Ibru, Mr. Kofi Joseph Duncan, and Mr. Andy Akporugo as non-executive directors. The re-election of Mr. Toke Alex Ibru as a non-executive director was also approved…
Nigeria’s logistics industry is facing a significant productivity crisis, with low asset utilisation emerging as a key bottleneck hindering growth and efficiency. According to the Chief Executive Officer of Haul247, Nigeria’s leading digital logistics platform, the idle time of trucks and other transport assets is driving up operational costs, limiting service delivery, and eroding competitiveness across the value chain. At a recent industry roundtable, Haul247’s CEO highlighted how the current mismatch between demand and capacity has left a large portion of the nation’s fleet underutilised. In many cases, transport vehicles sit idle for days—or even weeks—awaiting cargo assignments or clearance…
Nigeria’s real estate sector is experiencing a slowdown in demand as spiraling inflation and rising interest rates continue to erode the purchasing power of potential homebuyers and investors. Real estate developers, agents, and analysts have expressed growing concern over the declining activity in property transactions, warning that if economic conditions persist, the sector may face deeper challenges in the months ahead. Speaking with journalists and at recent industry forums, operators noted that the steep cost of living — driven by inflation now at multi-decade highs — has significantly affected disposable incomes, reducing the ability of Nigerians to invest in homes,…
Nigeria, a country blessed with over 200 trillion cubic feet of proven natural gas reserves, continues to grapple with inadequate electricity supply, plunging millions of its citizens into prolonged darkness. This paradox of energy poverty amid resource abundance has drawn renewed criticism from stakeholders, most notably former Minister of Power and founder of Geometric Power, Professor Barth Nnaji. At a recent energy conference in Abuja, Nnaji voiced his frustration over the country’s perennial power crisis. He stated that it was both baffling and unfortunate that a nation with such immense gas potential still finds it difficult to provide stable electricity…
The Nigerians in Diaspora Commission (NiDCOM) has entered into a strategic partnership with FirstBank of Nigeria to provide accessible and reliable housing solutions for Nigerians living abroad. The initiative is aimed at addressing the growing concerns of diaspora citizens over fraudulent property transactions and the difficulty of owning homes back in Nigeria. The agreement, recently formalized in Abuja, brings together NiDCOM’s policy direction and diaspora engagement expertise with FirstBank’s financial infrastructure and mortgage capabilities. Under the new arrangement, Nigerians living outside the country will have access to verified real estate developers, mortgage financing options, and digital platforms that ensure safe…
Universal Insurance Plc is preparing to launch an upgraded version of its third‑party motor insurance product, a move intended to strengthen consumer protection and enhance value for motorists across Nigeria. Scheduled for introduction later this quarter, the enhanced offering aligns with the company’s broader strategy to innovate its insurance portfolio and support safer, more secure road travel. The new third‑party motor cover promises expanded liability limits and more comprehensive protection for victims of road traffic accidents. Among the improvements are increased compensation caps for death and bodily injury claims as well as higher provisions for property damage—notably more generous than…
Veteran entertainer Charles Oputa, popularly known as Charly Boy, has taken aim at a Lagos State local government for its decision to rename a public bus stop after the celebrated musician Olamide Adedeji. The outspoken activist criticized what he described as misplaced priorities, arguing that public infrastructure should not be leveraged for celebrity homage amid glaring civic needs. Charly Boy expressed his dismay on social media and during interviews, insisting that the renaming was insensitive to the pressing challenges faced by everyday commuters in Nigeria’s largest city. He questioned why a bus stop—typically a functional body of urban infrastructure—was being…
Nigeria’s scrap and waste recycling industry is targeting an ambitious creation of an additional 5 million jobs by the end of 2025, in a bold move to deepen its economic impact and capitalise on the growing green economy. Building on recent gains—where waste management already contributed over 1.6 million jobs annually and around 3.2 percent to GDP—the sector plans a major scale-up across the recycling value chain. Officials and industry experts say the target builds on Nigeria’s estimated 32 million tonnes of solid waste generated each year, of which only a small fraction—less than 20 percent—enters formal recycling streams. By expanding collection,…
The Economic and Financial Crimes Commission (EFCC) has announced that approximately 12,000 Nigerian youths are reportedly selling their Bank Verification Numbers (BVNs) and National Identification Numbers (NINs) to fintech companies at a fee of ₦5,000 each. According to EFCC findings, this activity poses serious risks to national security, privacy, and the financial ecosystem. EFCC officials disclosed that many of these youths, often unemployed or underemployed, have turned to monetizing their identity data as a means of quick income. Undisclosed fintech operators—some of which reportedly have questionable credentials—are allegedly purchasing valid BVN and NIN credentials in bulk, using these to onboard…
Nigeria’s banking and insurance sectors, along with other financial institutions, collectively contributed an estimated ₦1.77 trillion to the national economy in the first quarter of 2025, underscoring their growing importance across finance and industry. Data from regulatory and market sources reveal that the banking industry remained the main driver of this contribution. Profits, interest earnings, fees, and charges from lending, advisory services, and digital banking platforms formed the bulk of activity. Several banks also benefited from rising demand for retail and corporate loans, trade finance, and treasury operations amid a recovering economy. Insurance companies, pension fund administrators, and capital market…
The Naira concluded the week on a more positive note, trading at ₦1,534.72 to the U.S. dollar in the official market—a modest but meaningful improvement from the ₦1,550 average recorded earlier in the week. The currency’s uptick is being attributed to increased liquidity in the foreign exchange market, tighter regulatory oversight, and measured intervention by financial authorities. Following weeks of sustained pressure stemming from thin dollar supply and persistent currency volatility, this upward movement brought renewed optimism to import-dependent businesses and households grappling with surging costs. It offers a momentary respite from the uncertainty that has gripped exchange rates, import…
Africa’s richest man and industrial magnate, Aliko Dangote, has officially stepped down as the Chairman of Dangote Cement Plc, one of the largest cement producers on the continent. The decision, which took effect this week, is aimed at allowing him to dedicate more attention and resources to the rapidly growing operations of his energy ventures, including the multibillion-dollar Dangote Refinery project. Dangote, who built his cement empire from the ground up, served as Chairman of Dangote Cement for over a decade, guiding the company through expansions across Nigeria and several other African countries. His resignation signals a significant shift in…
After weeks of tension that stalled a major power transmission line project in northern Nigeria, the Transmission Company of Nigeria (TCN) and Kano State Government have reached a comprehensive agreement to jointly move forward with the stalled infrastructure initiative. This resolution marks a turning point in efforts to bolster electricity delivery for millions of households and businesses in the Kano region. The dispute began when the power project—designed to carry electricity from the national grid to underserved areas across Kano State—ran into bureaucratic obstacles and disagreements over right-of-way, compensation for affected communities, and coordination between federal and state stakeholders. When…
Fuel marketers and industry stakeholders are experiencing mounting difficulties as the shutdown of the Port Harcourt Refinery drags on, leaving many without access to refined petroleum products and deepening financial strain across the downstream oil sector. Though officially labeled as a routine maintenance exercise, sources within the host communities and petroleum product retail associations have described the ongoing refinery shutdown as a cover for deeper issues, including a lack of crude oil supply to the facility. According to them, the Port Harcourt Refinery had already ceased operations weeks before the formal announcement of maintenance due to an alleged scarcity of…
A US-based appliances manufacturer has formally entered Nigeria’s market with a sharp focus on energy-smart home solutions, marking a significant push into connected living technologies tailored for local conditions. The company aims to tap into growing demand for modern appliances that offer energy efficiency, smart controls, and reliability amid the country’s power and cost challenges. The product range includes smart refrigerators, air-conditioners, washing machines, ovens, and water heaters—all featuring Wi-Fi connectivity, mobile app control, voice-assistant compatibility, and intelligent sensors designed to optimise performance. Many models are built to withstand variable voltage and intermittent power supply, while others can integrate with…
Champion Breweries Plc has secured shareholder approval to raise ₦45 billion in fresh capital as part of its strategy to scale operations, enhance competitiveness, and reposition the company for long-term growth. The decision was reached at the company’s Extraordinary General Meeting (EGM), held in a virtual format, where investors overwhelmingly supported the capital injection plan. The approved funds are expected to be raised through a combination of debt instruments, including bonds, notes, and other forms of capital market securities. According to the company’s board, the capital raise will be executed in tranches, with flexibility to explore both local and international…
Transcorp Hotels Plc has delivered an outstanding performance in the first half of the year, reporting revenue of ₦47.57 billion. This represents a substantial year‑on‑year increase that underscores the company’s strong position in Nigeria’s hospitality and events sector. Driven by a resurgent travel market and innovative leveraging of its facilities, Transcorp Hotels appears to be capitalizing on renewed demand across all segments. Revenue growth has been broad‑based. Room sales accounted for approximately two‑thirds of the revenue mix and showed significant increases as occupancy rates rose, particularly in key properties in Abuja and Lagos. Leisure travel, domestic tourism, and business visits…